Another thanks to Trevor

It is good to see someone other than Trevor is making money off of this dumpster fire company! I expect that you exercised the Sep 25 puts? My suggestion would be that since we do not know how quickly NKLA will collapse (they could try pumping the stock in the short term by releasing some positive "news"), that you sell some portion of the puts at a profit and use the proceeds to sell vertical call spreads.

If you sell at the money calls and buy out of the money calls (for example, sell 20s, buy 25s) then you will make money even if the stock stays put. The shortest dated weeklys have tons of volume, but you can also consider the Oct 16 and other monthlies. For example, if you sell 1 Oct 16 20C and buy 1 25C, you will collect $325 from the sale, pay $135, netting $190. In this scenario, you make money until the stock goes up to $21.90 and your maximum risk is $390 ($25 - $20 - $1.90 net). As the calls expire worthless, you can roll into later dated options. Hope that helps, good luck!

/r/RealNikola Thread Link - i.redd.it